Methanex price target raised to $48 from $46 at CIBC

CIBC analyst Jacob Bout raised the firm’s price target on Methanex to $48 from $46 and keeps a Neutral rating on the shares. While the consensus view is that the global economy may avoid recession in 2024, the future direction of methanol pricing will depend on China’s recovery, the analyst tells investors. The firm is raising its target multiple given the improvement in free cash flow and a lower likelihood of recession, the analyst noted.